SAN ANTONIO-The Bascom Group LLC has acquired the 360-unitRetreat at Canyon Springs through a receivership sale. The Irvine,CA-based buyer purchased the class A apartment community for anundisclosed amount. However, local experts note that similar assetswithout any distress trade for $80,000 to $100,000 per unit.
The Retreat at Canyon Springs was owned MBS Cos. The Metairie,LA-based firm, which owned 65 apartment complexes totaling about17,000 units in Texas, has several million dollars worth of loansin receivership.
Most of the CMBS loans were originated by PNC Financial ServicesGroup, according to industry experts. The special servicer, whichprovided assumable financing for the acquisition, was Midland LoanServices.
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